Chromogenex Technologies Ltd (CGX) says its predicted growth follows substantial sales in the USA of its top selling slimming product, iLipo. This safe non-surgical slimming device was only introduced into the North American market last July and already accounts for over 60% of their total sales.
CGX has received £290,000 funding support from the Welsh Government through the Single Investment Fund and repayable finance which has already resulted in the creation of nineteen new jobs and investment in equipment to reduce manufacturing costs.
Business Minister Edwina Hart visited the company today which coincided with the launch of the consultation document to develop a new Innovation Strategy for Wales.
Mrs Hart described Chromogenex as a prime example of a company investing in innovative products and technologies to fuel long term sustainable growth.
Mrs Hart said:
"I am delighted CGX is continuing to invest in its Llanelli base and reaching a global market from Wales. It is a market leader in a highly technical field and provides a positive example of how companies can employ innovative procedures to sustain and grow a business – despite a very challenging economic climate."
CGX Finance Director Dave Morgan said innovation is critical to the company’s success – they launched a non invasive facelift device last year and plan to bring a new hair removal product to market later this year.
"We invest a significant amount of money in R&D each year to bring innovative new products to market. We also now have a direct sales operation in the States and South Africa and are targeting new overseas markets looking to replicate this success in Australia, New Zealand and Japan.
"We are seeing considerable demand for our products and support from the Welsh Government has enabled us to recruit more staff and ensure we remain competitive."
He added the business underwent a restructure and change in strategy following the recession which transformed the performance of the company which employs 45 people in Wales. CGX’s manufacturing facility is based in Dafen and their headquarters including its marketing and sales operation has recently relocated to The Beacon, Llanelli Gate.